IFLM: the conversions DUMP during the PUMP: BRAVO, the PUMP really helped the toxic lenders and the .0001 frontloaders make out like Butch Cassidy and the Sundance Kid....but zero accountability to the .0016 buyers of the PUMP. OUTRAGEOUS, OUTRAGEOUS, OUTRAGEOUS!!!!
From the 10Q: My notes in black and red:
On September 16, 2016, LG Capital Funding, LLC converted $1,530 of principle and $60 of accrued interest, due on the convertible promissory note dated February 24, 2016, into 31,921,200 shares of common stock.
Converted at .00005 while the PUMP pps was up to .0015 for a max return of $47881.
On September 19, 2016, Cerberus Finance Group, LTD converted $775 of principle and $33 of accrued interest, due on the convertible promissory note dated March 3, 2016, into 309,136 shares of common stock.
Converted at.0026 while the PUMP pps was up to .0016. OMG....a slight loss to Cerebus, sniff sniff
On October 5, 2016, a related party converted $4,100 of principle and $709 of accrued interest into 24,045,000 shares of common stock.
Converted at .0002 while the failed PUMP was down to a high of .0005 for a max return of $12,000
On October 6, 2016, Jabro Funding Corp. converted $1,305 of principle, due on the convertible promissory note dated April 28, 2014, into 16,117,647 shares of common stock.
Converted at .00008 while the failed PUMP was down to .0003 for a max return of $4800.
At June 30, 2016, we had an accumulated deficit of $12,926,556 and a working capital deficit of $2,384,842. For the nine months ended June 30, 2016, net cash used in operating activities was $223,068 and we received $260,481 from financing activities.
Management intends to raise additional funds by way of debt and equity financing.
Subsequent to June 30, 2016, officers and directors of the company converted 1,900 shares of Series B Preferred Stock into 190,000,000 million shares of common stock
With the A/S raised to 6 billion shares the dilution spiggot will be wide open. Will the PUMP help the funders....well, DUH.....you betcha.
